The report "Power Electronics Market Size by Device Type (Power Discrete, Power Module, Power IC), Material (Si, SiC, GaN), Voltage (Low, Medium, High), Vertical (ICT, Consumer Electronics, Industrial, Automotive, Aerospace) and Geography - Global Forecast to 2028" provides a comprehensive analysis of the global power electronics market. Valued at USD 46.2 billion in 2023, the market is projected to grow to USD 61.0 billion by 2028, registering a compound annual growth rate (CAGR) of 5.7% during the forecast period. This growth is driven by the increasing demand for energy-efficient solutions across various sectors, including ICT, consumer electronics, industrial, automotive, and aerospace. Innovations in materials such as silicon carbide (SiC) and gallium nitride (GaN) are enhancing the performance of power devices, further propelling market expansion. The report also highlights the rising adoption of power modules and integrated circuits (ICs) in numerous applications, underscoring the critical role of power electronics in advancing technology and supporting sustainable energy initiatives worldwide.

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Power electronics play a pivotal role in the transition towards renewable energy sources, enhancing overall energy efficiency. These advanced systems are essential for converting and managing electrical energy in various applications, ensuring that renewable sources like solar and wind power are effectively integrated into the grid. In the automotive sector, power electronics are particularly significant for the energy management of electric vehicles (EVs). Their primary function in EVs and hybrid vehicles is to process and control the flow of electrical energy, optimizing performance and efficiency. By regulating voltage and current, power electronics ensure that electric motors, battery systems, and charging infrastructure operate seamlessly, contributing to the advancement of sustainable transportation solutions. As the push for greener technologies intensifies, the role of power electronics in both renewable energy systems and electric vehicles is set to become increasingly critical.

By Device Type: Power Module is projected to grow at the highest CAGR during the forecast period.

Power modules are rapidly gaining popularity in the power electronics sector due to their numerous advantages. Their integrated design and compact form factor make them ideal for applications where space and weight are critical considerations. The simplified installation process of power modules streamlines deployment, reducing time and labor costs. Superior thermal performance and heightened reliability ensure efficient and long-lasting operation, while augmented power density allows for higher power output in smaller packages. This combination of cost-effectiveness and versatile application capabilities makes power modules especially beneficial in electric vehicles, where minimizing size and weight is crucial. Similarly, in industrial automation and consumer electronics, the use of power modules enhances performance and efficiency, driving their increasing adoption across various industries.

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By Material: Silicon-based devices to account for the largest market share during the forecast period.

Silicon dominates the market in the production of power electronics, widely recognized for its effectiveness as a semiconductor material. It is extensively used in manufacturing power electronic devices, particularly suited for low- and medium-voltage applications. Various power semiconductor devices, including discrete components, modules, and integrated circuits (ICs), are crafted using silicon due to its reliable performance and efficiency. These silicon-based devices are crucial for power rectification, power factor correction, and power amplification. Additionally, silicon is essential in the fabrication of diodes and transistors, which are designed for applications involving high-frequency switching. Its versatility and proven capabilities ensure silicon remains a cornerstone in the development of power electronics, supporting a broad range of industrial and consumer applications.

By Vertical: The consumer electronics is projected to register a larger market share during the forecast period.

Within the power electronics industry, Consumer electronics represent a pivotal sector within the power electronics industry, as virtually every electronic device relies on efficient power supply (AC/DC) and management for optimal energy utilization. Power electronic devices are integral components in a wide array of consumer products, ranging from essential appliances like refrigerators, air conditioners, and washing machines to entertainment systems such as televisions and gaming consoles. In the realm of smart devices, including smartphones, tablets, wearables, and IoT gadgets, power electronics play a critical role in maintaining performance and extending battery life. Additionally, adapters, chargers, routers, and battery-operated devices all benefit from advanced power management technologies to reduce power consumption and enhance overall efficiency. By integrating sophisticated power electronics, consumer electronics not only meet increasing energy demands but also contribute to sustainability efforts by minimizing carbon footprints across various applications in homes and workplaces.

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By Region: Asia Pacific will likely grow at the highest CAGR during the forecast period.

The Asia Pacific region stands out as the swiftest expanding sector in the power electronics market, driven by substantial investments in infrastructure, consumer electronics, and smart grid initiatives. This dynamic growth is underscored by the presence of key market players such as Mitsubishi Electric Corporation and Fuji Electric Co., Ltd., both based in Japan. A significant contributor to this expansion is the rapid adoption of electric vehicles in China and Japan, which has substantially fueled market growth. Additionally, China's heightened investment in the development and manufacturing of power electronic wafers is a pivotal driver. This strategic move aims to reduce reliance on overseas manufacturers, thereby strengthening the region's self-sufficiency and fostering robust market development. The convergence of these factors positions the Asia Pacific as a critical hub in the global power electronics landscape, characterized by innovation and accelerated growth.

Power Electronics Companies:

Infineon Technologies AG (Germany),
ON Semiconductor (US),
STMicroelectronics (Switzerland),
Mitsubishi Electric Corporation (Japan),
Vishay Intertechnology, Inc. (US),
Fuji Electric Co., Ltd. (Japan),
NXP Semiconductors (Netherlands),
Renesas Electronics Corporation (Japan),
Texas Instruments Incorporated (US),
TOSHIBA CORPORATION (Japan),
ABB (Switzerland),
Littelfuse, Inc. (US),
Analog Devices, Inc. (US),
Microchip Technology Inc. (US),
ROHM CO., LTD. (Japan),
Semikron (Germany),
Transphorm Inc. (US),
Qorvo, Inc (US),
WOLFSPEED, INC. (US),
Euclid Techlabs (US),
Navitas Semiconductor (US),
Efficient Power Conversion Corporation (US).

News Covered:

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